Shared owners Remortgaging

If your current mortgage deal is coming to an end, or you're looking for a better deal, remortgaging can help you secure the best possible rate. 

A lower interest rate means lower monthly payments and a reduction in the overall cost of your mortgage. 

Independent mortgage advisors can guide you through the process, and help you to avoid pitfalls such as hidden fees or early repayment charges. 

It's important to protect yourself against future risks and unexpected events. 

As well as life insurance to help safeguard your family in the event of death, it's also important to consider how you would pay your mortgage if you were suffering from a critical illness. 

An independent advisor can help you to arrange robust, affordable cover to give you peace of mind. 

As a shared owner, you have the option to staircase (buy extra shares) in your home. 

An independent mortgage advisor can find the best shared ownership mortgage product for you. 

Find out more about staircasing

If you’re considering remortgaging, we recommend you talk to an independent mortgage advisor to confirm your options. 

Please see below two independent financial advisors we work closely with, who have a good understanding of shared ownership mortgages. They’re not associated with, or part of Midlands Rural Housing or the Rural Housing Association. Please contact them directly to discuss their services and fees. 

Jamie Hastie, Hawthorne Mortgages 

T: 0115 9638965 
M: 07941 041150 
E: jamie@hawthornemortgages.co.uk 

Mark Singleton, Mortgage Advice Bureau 

T: 01327 703252 
M: 07971 213099 
E: mark.singleton@mab.org.uk 

Because we own part of your home too, you'll need our approval to any changes to your mortgage or lender. 

Your new mortgage company will also need our permission to proceed. 

We don't normally have any objections to a remortgage or further advance on a shared ownership home. However, before approving, we'll need to know: 

1. Your new mortgage offer: showing the current value of your home and the exact amount being borrowed. 
2. Redemption statement on your existing mortgage: you'll need to request this from your current lender. This will normally include your current mortgage balance, outstanding interest and any early repayment charges (if applicable). 
3. Confirmation of what the remortgage is for: this could be for a better mortgage rate, because you've come to the end of your current mortgage term or for home improvements. If it's for home improvements, alterations or additions to your home, you must obtain our written permission before starting the work.

Find out more about making improvements to your home

There’s an administration fee of £100, which you’ll need to pay to us on completion.